Nike just beat earnings expectations — but the stock dropped anyway. In this video, we break down Nike’s Q2 earnings, the impact of rising tariffs, margin pressure, China weakness, and why investors sold despite strong wholesale growth. CFO Matt Friend warned of a $1.5 billion tariff headwind and declining margins, shifting the market’s focus from the beat to the outlook.br br We also explain why North America remains a bright spot and how analysts reacted after the earnings call. If you’re trading stocks around earnings season, understanding guidance matters just as much as the numbers.